Trader can't sue for $1m shares

Gavel

A Glencore International trader fired over an alleged alcohol problem can’t sue the company to recover a share award worth about $1m that were awarded when he was hired, a U.K. court ruled.

Bloomberg reports that Judge Richard Seymour said he was 'troubled' by Andrew Kearns’s lawsuit because it didn’t state a valid legal claim. 'I am afraid we are not there', he said in dismissing the claim.

Kearns, an oil trader who earned about $500,000 a year, sued Glencore seeking the shares, worth at least $1.2m, after he was fired for missing important meetings because of what the company said were alcohol problems. Kearns is still suing for wrongful dismissal, which would result in a smaller amount in damages.

'He is a married man with three children and his reputation is on the line', Ahmed Miah, Kearns’s lawyer, said in court. 'What is said about him by Glencore is entirely wrong, unreasonable and untrue'.

Kearns said in court documents he didn’t have an alcohol problem and was singled out because he disagreed with managers. He’s the latest banker to use London’s courts to try to recover lost pay after a victory by more than 100 former Dresdner Kleinwort bankers against Commerzbank.

To access the complete Bloomberg article hit the link below:

Ex-Glencore Oil Trader Can't Sue for Shares Worth $1 Million

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